Duke Energy Corporation Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Performance

  • Adjusted EPS for Q3 2022 was $1.78, compared with $1.79 reported EPS in Q3 2021. Core regulated operations produced $1.78 of adjusted EPS versus $1.79 total last year, reflecting continued strength from the regulated business.
  • Year-to-date adjusted EPS from core operations was $4.15, up from $4.10 in 2021, driven by higher retail electric volumes and lower O&M expenses.
  • Full-year 2022 adjusted EPS guidance updated to $5.20–$5.30, reflecting the removal of commercial renewables beginning in Q4. The new midpoint of $5.25 equals the prior midpoint of $5.45 minus the $0.20 previously expected contribution from commercial renewables.

Business Updates

  • Duke's Board authorized the sale of the Commercial Renewables business. Indications of interest have been received at attractive valuations. A definitive agreement is expected in Q1 2023, with closing targeted as early as mid-2023.
  • Proceeds will be used primarily to reduce holding company debt, strengthening balance sheet flexibility and reducing interest costs.
  • 2023 EPS guidance introduced at $5.55–$5.75 (midpoint $5.65), reflecting 5–7% growth off the updated 2022 midpoint and partial-year interest savings from debt reduction.
  • The company continues to target 5–7% annual EPS growth through 2027, based on the 2023 midpoint.

Operational & Regulatory Highlights

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Operator: Hello, all and welcome. My name is Brica and I will be your conference operator today. At this time, I would like to welcome everyone to the Duke Energy Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Thank you. Jack Sullivan, Vice President of Investor Relations, you may begin your conference. Jack Sullivan: Thank you, Brica and good morning everyone. Welcome to Duke Energy’s third quarter 2022 earnings review and business update. Leading our call today is Lynn Good, Chair, President and CEO, along with Brian Savoy, Executive Vice President and CFO. Today’s discussion will include the use of non-GAAP financial measures and forward-looking information within the meaning of securities laws. Actual results maybe different than forward-looking statements and those factors are outlined herein and disclosed in Duke Energy’s SEC filings. The appendix of today’s presentation includes supplemental information and disclosures and along with a reconciliation of non-GAAP financial measures. So with that, let’s turn the call over to Lynn. Lynn Good: Jack, thank you and good morning everyone. Before I begin, I’d like to take a moment and recognize the work of our team in responding to Hurricane Ian, one of the most powerful and destructive storms in U.S. history. Duke Energy mobilized 20,000 people working day and night to restore power to over 2 million customers across Florida and the Carolinas. And what’s more impressive is the speed in which we did it, w

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